Business is business; there are ups and downs when negotiating. However, for small businesses, time is of the essence. These brands need to have to make the most of the moment in order to get a sale. But, there are times when the negotiation process is the cause of rejection. Frustrating, yes, but entrepreneurs need to face rejections from customers in order to find out what’s wrong.
In order to avoid rejection, entrepreneurs must possess skills that will help in getting a successful negotiation deal. First, they must know what the difference between selling and negotiating is and how these work together during transactions.
A sale is when an entrepreneur suggests or shows a solution that can solve a customer’s problem. For the seller, the process involves a lot of active listening — or listening attentively in order to communicate properly — in order for entrepreneurs to determine if the unique selling point is matching what the customers need or want. Meanwhile, negotiation happens when there’s an evident match between the entrepreneur’s solution and costumer’s needs and wants; hence, the time when the two parties discuss to come up with terms that favour both: price, time to delivery and fulfillment, payment, volume, and other terms included within the deal.
As the deal progresses, entrepreneurs who are able to anchor, this is a negotiation term that means the first offer. Being able to drop the first offer exudes influence on other offers that can be made during negotiation. As a business owner, another must-have skill is being able to call the shots; having the ability to control the situation and its outcome. It’s advisable to anchor a high price in order to have room for a small additional margin that is open for discounts. However, make sure prices are still justifiable.
The third skill is for entrepreneurs to learn how to adapt quickly. Business is fast-paced; being slow will apparently leave entrepreneurs with nothing. As a starting business owner, it is important to do research to help in learning the ability to adjust and adapt to different types of situations.
Lastly, learn to look at other doors of opportunities. There are instances wherein deals may not occur, leaving the seller into a hanging thread. As a business owner, before walking into a deal, make sure to build up a walk away plan in order to have alternatives and opportunities.
The world of business is full of surprises. That’s why entrepreneurs should be fully equipped with the tricks of the trade to become successful. With these skills mentioned above, new business owners can have a new perspective whenever a negotiation occurs. Get the help of experts in the field with business brokers victoria of National Brokers Network. Call 03 9226 9222 or email businessbrokersvictoria@rhc.com.au for more information.
